An executor is responsible for managing the estate of someone who has passed away.

When a business is involved, the executor’s responsibilities may include:

• determining whether the business will continue operating

• managing financial obligations including accessing business accounts

• communicating with employees and clients

• working with lawyers and accountants

• protecting the value of the business

Executors must carefully navigate legal, financial, and operational decisions to preserve the business’s value.

When a business owner becomes suddenly unavailable due to illness, accident, hospitalization, or death, someone must step in to manage the immediate operational decisions.

Many entrepreneurs assume their spouse, family member, or next-of-kin will be able to handle these responsibilities.

But in reality, this can be extremely difficult.

Consider the following questions:

• Does your spouse or family member understand how your business operates?

• Do they know how to access your systems, files, and accounts?

• Would they know what to do in the first 24–72 hours after something happens?

• Would they have the emotional capacity to manage business decisions while dealing with a medical crisis or loss?

For many families, the answer is no — and that’s completely understandable.